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Woulfe Mining Corp. (TSXV:WOF,OTCQX:WFEMF,FWB:OZ4) announced updates on an extensive internal and external assessment of the Company and its subsidiaries, and the potential ability to advance its key Sangdong Tungsten Project.
As quoted in the press release:
Following an extensive internal and external assessment of the Company and its subsidiaries, the Board and interim CEO have identified issues relating to liquidity and the ability of the Company and its subsidiaries, including Sangdong Mining Corp., to meet various payables beyond the next few months.
Currently, the Board and Interim CEO have initiated an internal review to further preserve cash, reduce costs and enhance corporate efficiencies. In addition, the Company continues negotiations with various parties to provide a short-term financing solution to meet its obligations and to provide funds to advance the Company’s flagship Sangdong Tungsten Project, although there is no guarantee that such financing may be available. Longer term, the Company, with the considerable assistance of its largest shareholder, Dundee Corporation, continues its ongoing discussions with IMC International Metal Working Companies B.V. in order to reach a successful completion of the strategic transactions announced in February 2012.
Click here to read the Woulfe Mining Corp. (TSXV:WOF,OTCQX:WFEMF,FWB:OZ4) press release
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